In order to make indirect auto financing seamless, CRIF Lending Solutions and Dealertrack are joining forces.
CRIF Lending Solutions recently announced a partnership with Dealertrack, a Cox Automotive brand, to integrate its CRIF ACTion loan origination system with Dealertrack’s e-contracting software. The companies hope to improve both the efficiency of their software and the portfolio growth of their finance companies with this move.
“This partnership will allow our clients to significantly increase their paperless volumes, which makes this much more convenient for the customer, dealership and financial institution,” Kyle Kehoe, president of the CRIF ACTion division, said in a news release. “It also serves as the latest example of how the ACTion team remains committed to leveraging leading-edge technology to help our clients achieve even greater success.”
While the CRIF ACTion platform can confirm, process and fund loans automatically through their online and mobile software, the inclusion of Dealertrack’s e-contracting system make the signing of the documents, one of the few manual parts of the process, even faster. The system draws up contracts with the specific information and allows dealers and their customers to review and sign the contracts on tablet devices, which can push immediately through the CRIF origination system.
Mark Furcolo, senior vice president of lender solutions at Dealertrack, said that the partnership “will help dealers and lenders capitalize on digital technologies, such as e-contracting, to transform their businesses and dramatically improve their customers’ car buying experience.”